Recent price movements in the cryptocurrency market have led to massive liquidations worth over $1.1 billion in a 24-hour period. This event affected more than 126,000 traders globally.
Overview of Liquidations
According to data from Phoenix Group, over $1.1 billion in leveraged crypto positions were liquidated within 24 hours. The resulting liquidations occurred amid increasing market volatility, leading to widespread margin calls.
Data on Positions and Assets
Bitcoin (BTC) emerged as the leading factor of liquidations, totaling approximately $468.23 million, equivalent to around 3,800 BTC. Ethereum (ETH) followed with $80.36 million in liquidated positions. Other major assets, such as XRP, also witnessed significant liquidations totaling $20.36 million.
Impact on Exchanges and Traders
Bybit recorded the highest liquidation volume at $239.30 million. Binance and HTX followed with $212.01 million and $137.09 million, respectively. Notably, short positions dominated liquidations on most platforms, as evidenced by HTX reporting 96.74% of liquidations on shorts.
The recent mass liquidations in the cryptocurrency markets serve as a reminder of the risks associated with high financial exposure and volatility in this sector. The significant loss of funds in a short timeframe has impacted many traders, becoming a prominent topic among crypto investors.
